When we embarked on our Financial Restructuring process at the beginning of 2017, we knew we were undertaking a necessary but very complicated task that would determine the future of our company. Reducing the debt and related interest costs to align them with current market conditions was a critical step to secure the future of our Group and enable us to compete and grow as market conditions improved.
I am delighted to report that this Financial Restructuring, with both the Chapter 11 process in the US and the Safeguard process in France, has allowed CGG to achieve these goals and we are now able to fully focus on the challenges of doing business.
The complexity of what has been undertaken over the last few months has been enormous and we have achieved this in less than one year. On February 21, 2018, after finalizing the implementation of our financial restructuring plan and the payment and issues of new shares, CGG emerged from its financial restructuring and the Chapter 11 process.
As demonstrated by our 2017 financial results, our financial restructuring was achieved with minimum disruption to our business and day-to-day operations as our people continued to deliver the highest standards of quality, service, and operational and technical excellence in market conditions that remained challenging.
Former- Chairman of the Board
The oil services industry has experienced an unprecedented crisis. Business volumes collapsed and were divided by nearly four in under three years. Like our competitors, CGG has felt the full force of this crisis, the deepest and longest our industry has ever known.
Faced with this situation, the Group was quick to react and launched an ambitious industrial transformation plan at the end of 2013 which we completed in 2017. This plan enabled us to adapt to market conditions and also reposition our activity portfolio. In 2017 our Geology, Geophysics & Reservoir activity represented 62% of the Group’s overall activity while our equipment activity represented 16% and our data acquisition activity 22%. During the year, while our corporate teams focused on completing the CGG Group’s financial restructuring, our operating teams served our clients with their usual professionalism and commitment while continuing with their efforts to expand our business. As a result, in 2017 the CGG Group registered growth in both its revenue (1.320 billion USD), up by 10% over the previous year, and in its EBITDA (373 million USD), up by 14%.
The CGG Group has started 2018 with a repositioned portfolio of activities and a balance sheet that puts it in a sound financial position. Our worldwide teams are fully mobilized to serve our clients. The Group can now focus fully on its activities and growth to make the most of the future market recovery.
Former- Chief Executive Officer
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In all environments, we acquire, process and interpret surveys that provide our clients with a comprehensive understanding of subsurface targets and their geological settings.
Our range of geoscience experience is unparalleled and leads us to invent and perfect technology and techniques unlike any other.
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